GIA: Orthopedic veterinary implants to approach $160M
by Katie Pfaff
The global market for orthopedic veterinary implants is expected to reach a value of $159.9 million over the next 4 years, according to a report by Global Industry Analysts Inc., a market research firm. In 2022, the market is estimated to reach a value of $123.9 million, revised due to impact of COVID-19. The market is forecast to grow at a CAGR of 5.7% between this year and 2026.
The market is forecast to grow during the period ending 2026 based on increased numbers of pets, companion animals, and service animals, including felines, canines, bovines, and equines. Similarly, as owners are more willing to spend on their animal’s care, the use of veterinary implants have increased globally.
Adding to a market increase, veterinary orthopedic devices and implants have been gaining regulatory approval. Further adding to the market’s growth, the rates of osteoarthritis among pets are on the rise. The veterinary orthopedic implant market is expected to gain from advancements in implant technology, such as bioabsorbable implants.
Dividing the market into segments, bone plates were expected to grow at a CAGR of 5.9% to $67.1 million by 2026 while the segment for screws was revised to 5.4% CAGR over the next 7 years. The pins and wires segment was forecast to grow to $35 million through 2026. Geographically, the US market for veterinary orthopedic implants was predicted to reach $40.6 million in 2022, a 32.79% share of the overall global market.
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